Toowomba's affordability sees sub-$450,000 FHB buying
The Toowoomba and surrounding residential property market remains steady at present, according to the valuation firm, Herron Todd White, with low sales volumes widespread across all sectors.
Being one of the more affordable regional locations in Australia, Toowoomba offers an opportunity for first home buyers in the sub $450,000 segment.
"Toowoomba and surrounding suburbs offer an opportunity for many different types of home owners, with various industry and job opportunities, a central hub location, a diverse property market and varying segments.
HTW noted while lending has tightened and property ownership has become more difficult, there are still good opportunities in the Toowoomba region.
"Strategies such as joint ownership can also bring affordability to young people getting their foot in the ownership door and out of the rental market," their recent report noted.
The typical product attractive to first home buyers tends to be in the sub $450,000 segment, being new 2- and 3-bedroom units as well as 3- and 4-bedroom houses located in active investor areas in the western suburbs of Toowoomba and satellite suburbs such as Cambooya and Wyreema.
"The other trending option is to buy older housing in more established areas."
A three-bedroom house at 2a McDowall Street (above) in Toowoomba’s Newtown suburb sold for $412,500 recently. The selling agent was Darren Bliesner of Professionals.
A four-bedroom house at 24 Friend Street in Harristown (Toowoomba) changed hands for $420,000. The selling agent was Craig Horncy of Century 21.
Noting families generally seek slightly different properties to first home buyers, with a focus on more space (i.e. 4-bedroom houses), bigger back yards and close proximity to schools, HTW noted this type of housing was found throughout Toowoomba, Highfields and Westbrook in the sub $600,000 segment.
Empty nesters seem to stay put in the family home or down-size to unit or villa living and seem to fill the higher priced property segment.
"Attached housing and detached housing on small lots are tending to grow in popularity throughout the Toowoomba area, particularly in the older areas close to the CBD.
"The dream of having a big back yard appears to be changing.
"Many infill blocks have been sub-divided into smaller lots or have had unit complexes built on them.
"This type of product may be attractive to empty nesters looking to downsize for maintenance and convenience reasons."
It noted attached housing is also becoming more appealing to first home buyers for affordability.
"This product is often more suited to home buyers than investors due to costs for the location and resulting returns on capital."
HTW advised the sector most active is upgraders looking toget into a bigger house or a more desirable location.
Properties in areas such as Rangeville, Middle Ridge, East Toowoomba and Mount Lofty seem to be what is sought after by this sector.